Stocks pop after Fed decision, oil plunges, earnings mixed — what to watch in the market

Stocks surged after the Federal Reserve decided to keep interest rates steady, despite ongoing inflation concerns. Fed Chair Jerome Powell indicated that rate cuts might be considered if inflation targets are approached, altering earlier market expectations of multiple rate cuts in 2024.

Oil prices fell by about 3% to under $80 per barrel due to increased stockpiles and weak demand, marking a seven-week low. Meanwhile, Viking Holdings saw a successful IPO, with shares rising 10% on debut, signaling a revival in the IPO market.